Iran Talks Cool Oil Prices as Saudi Flows Recover

Oil prices have cooled off after last week's rally due to renewed Iran talks and recovering Saudi exports, which are tempering supply fears. The US-Iran negotiations have brought Brent crude prices down towards $104 per barrel.

Meanwhile, the restart of Saudi Arabia's East-West pipeline and first loadings from Yanbu provided additional downward pressure on prices. However, the Houthi risk remains a genuine threat to recovering Saudi flows.

The International Energy Agency (IEA) is closely monitoring diesel and product markets and could discuss further strategic stock releases if supply conditions deteriorate.